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Tens of hundreds of Australian traders with superannuation [pensions] and financial savings tied up in cryptocurrency stay in suspense, as a significant Australian dealer collapses into voluntary administration.
Digital Surge froze the buying and selling accounts of its 30,000 shoppers final month. This implies individuals with cash within the dealer can not entry their funds.
Now, a month later, the Brisbane-based cryptocurrency dealer has entered voluntary administration.
Digital Surge’s directors KordaMentha confirmed the corporate had about 30,000 shoppers and had been providing them buying and selling in additional than 300 cryptocurrencies.
The woes being skilled by Digital Surge are tied to the collapse of the worldwide crypto change FTX.
Digital Surge has not but revealed how a lot of its shoppers’ money is caught up within the FTX collapse.
“Digital Surge has at all times held a reserve of 1:1 for all person deposits, nonetheless resulting from our publicity to FTX, that is now unknown,” it mentioned final month.
Emilia Terzon, 9 December 2022.
